Setting the
Record Straight
with the IRS
If you omit some
information from
your tax return,
make an error,
or miss a
tax-filing
deadline, it
doesn’t have to
be a major
problem.
However, you
should take
prompt action to
set things
right.
It can be less
expensive and
less complicated
to correct
errors before
receiving
notices from
IRS. Forms you
may use to
report
corrections
include:
Form 941,
Employer’s
Quarterly
Federal Tax
Return
If you make an
error in the
amount of taxes
you withheld
from employees,
you can make an
adjustment on
the next return
if it is during
the same
calendar year.
Attach Form
941C,
“Supporting
Statement to
Correct
Information.”
Form
941C,
Supporting
Statement to
Correct
Information
Generally, you
must fill out
this form or a
similar
statement if the
amount of
employee wages
you reported in
a prior period
was incorrect.
Use this form to
make adjustments
at any time
within 3 years
of the return
due date or the
date the return
was filed,
whichever is
later. (For
purposes of the
statute of
limitations, the
due date of each
of the Forms 941
filed during a
tax year is
April 15 of the
year following
the close of
that tax year.)
You may also
have to file
Form W-2C and
Form W-3C. Form
941C is never
filed separately
but, instead, is
filed with
another form
such as Form
941.
Form
W-2C,
Corrected
Wage and Tax
Statement,
and Form
W-3C,
Transmittal
of Corrected
Wage and Tax
Statements
These forms
are used to
correct the
information
about your
employees’ total
earnings and
withholdings for
the year. Forms
W-2C and W-3C
can now be
accessed and
completed
online. See
Social
Security’s
Business Tips
for Success for
more
information.
Form
1040X,
Amended U.S.
Individual
Income Tax
Return
If you made a
mistake on your
individual tax
return, use this
form to correct
any errors. If
you owe tax as a
result of error,
you should send
the additional
tax owed with
Form 1040X.
This will stop
additional
penalties and
interest from
accruing on the
additional tax
owed.
Form
1065,
U.S. Return
of Partnership
Income
If you made a
mistake on a
partnership
return, check
the box for
“amended return”
on Form 1065,
and then follow
the
instructions.
Give each
partner a copy
of the amended
Schedule K-1.
Form
1120X,
Amended U.S.
Corporation
Income Tax
Return
If you made a
mistake on your
corporate tax
return, use this
form. If you
owe tax, you
should send it
in with the
form.
Forms
1099 and 1098
These are
examples of
information
returns. Use
the instructions
for making
corrections that
come with the
form.
Federal
Tax Deposits (FTDs)
If you are not
required to make
your deposits
electronically,
be sure to
include a Form
8109 with each
deposit you
deliver or mail
to an authorized
depository. |
